Without major economic news, it was a typical quiet summer trading week till Friday. Sell off in leading technology companies pulled NASDAQ composite index more than 100 points in a day, while S&P 500 index and Dow Jones Industrial Average closed the day flat. For the week, S&P 500 index closed at 2431, down 0.3%, Dow Jones Industrial Average gained 0.31% and NASDAQ composite index decreased 1.55%.
Weekly chart of S&P 500 index |
Even with sharp drop in prices of leading technology companies due to profit taking on Friday, S&P 500 still stays the course marching higher with high momentum. Outlook for S&P 500 index remains positive, as there is no deterioration in its technical picture.
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